(Alliance News) - North Africa-focused oil & gas firm SDX Energy PLC said Wednesday it has made an oil discovery at the Rabul-7 development well in the West Gharib Concession in Egypt.
SDX Energy currently holds a 50% working interest in the concession, and is also a joint operator.
The well was drilled to a total depth of 5,323 feet and encountered 134 feet of net heavy oil pay across the Yusr and Bakr formations, at an average porosity of 18%. Heavy oil pay is the part of a reservoir which contains economically producible resources.
The well was completed, connected to the processing facilities at Meseda and brought online at an average stabilised rate over five days at 415 gross barrels per day.
"We are pleased to have made an oil discovery at our Rabul-7 well, in the West Gharib concession and to achieve further drilling success in this area of the concession. The well was brought online in a timely and cost efficient manner and will provide further support to our 2019 production guidance for this asset of gross 4,000 to 4,200 barrels per day," said Interim Chief Executive Officer Mark Reid.
"Another development well is planned for the concession in the second half. The final location of this well is dependent on government approvals and we will update the market on this in due course," Reid added.
Shares in SDX Energy were down 1.4% at 21.45 pence on Wednesday.
SDX Energy (SDX)